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Tuesday, October 19, 2004

Interesting day, however I was stuck in jury duty. I managed to see the close in the jury hall when I was able to change the channel on the TV. The Dow ended down around 60 points and would have been worse if IBM wasn't up over $3. It was up 50 when I left early this morning. Advance/declines were 3 to 1 negative and the volume was actually heavy. Indicators are getting oversold but I don't know if today's volume was climatic or perhaps the beginning of a protracted downturn. It was a one day reversal for sure. GE was down and the January calls are getting down to where I'd like them to be. But it looks like GE has more to go. Gold was up over $4 today but the XAU could not even rise a point. This doesn't bode well for the gold shares. However ABX was up over 40 cents on good volume. NEM barely moved. Mixed and now uncertain in my mind for sure. I am leaving my GTC ABX order open. Perhaps I will move to NEM. I don't know. When the XAU can't get going with a good move in gold it makes me wary. Perhaps ABX can come back to it's uptrend line. That would be the ideal scenario. Or maybe this is the beginning of the next move up. I don't know and will wait it out for now. Trading is tough, make no mistake about that. An extra week on the options might let me be timid here and allow for more decision time. But if the time is right, the price is right. It has to be. It may not be exactly what you want to pay for it, but if the move begins you wanna be with it. Unsure what the action today in ABX means. Things will be back to normal and I'll be in touch with the market as usual. You really must be dedicated to the game I believe, to gain an edge. It is better to stay in a normal routine when watching the market. It is easier to spot the common and the uncommon. Hard to say what the market is saying here but I think it is headed down for the Dow. The gold market is tougher. I'd like to see a lazy pull back to $415. Wishful thinking...

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